https://www.taxtmi.com/caselaws?id=457730 The Tribunal set aside the penalties imposed on the appellant for contravening sections 18(2) and 18(3) of FERA, due to non-remittance under an LC. It determined that the Union Bank of India was not obligated to initiate legal proceedings against the foreign buyer's bank. The Tribunal acknowledged the appellant's potential ignorance of legal duties and criticized the Adjudicator for not addressing all relevant issues. Consequently, the Tribunal exonerated the appellant, granting the benefit of the doubt, and allowed the appeals, overturning the impugned order. en-us Fri, 13 Dec 2002 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457730 The Tribunal set aside the penalties imposed on the appellant for contravening sections 18(2) and 18(3) of FERA, due to non-remittance under an LC. It determined that the Union Bank of India was not obligated to initiate legal proceedings against the foreign buyer's bank. The Tribunal acknowledged the appellant's potential ignorance of legal duties and criticized the Adjudicator for not addressing all relevant issues. Consequently, the Tribunal exonerated the appellant, granting the benefit of the doubt, and allowed the appeals, overturning the impugned order. Case-Laws FEMA Fri, 13 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457730